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About Your Signature Assignmentsignaturebenchmark Assignments Are Des

About Your Signature Assignmentsignaturebenchmark Assignments Are Des

Identify a specific job within a specific company that you might be interested in applying for after you graduate from the University of Phoenix. Research the job and the field in general, as well as ethical issues managerial accountants have faced that would pertain to that field. Also, educate yourself on the basics of operations within the job and company you have selected. Write a 700- to 1,050-word paper to include the following: Summarize the main duties of the job. Describe a specific ethical issue you might face in that position using 2 credible sources to support your description.

Summarize the IMA's standards of ethical practice and conflict resolution guide. Analyze how the IMA's standards of ethical practice and conflict resolution guide applies to the ethical issue. Predict how you would handle the ethical issue. Hypothesize what would happen if no one in the company followed the IMA's standards of ethical practice. Assess why it is important to follow the IMA's standards of ethical practice. Design or name any methods of internal controls you think could prevent or detect the unethical behavior in the future.

Paper For Above instruction

The paper explores a specific managerial accounting position within a chosen company, focusing on the role's main duties, ethical considerations, and adherence to professional standards. It provides an in-depth analysis of the ethical challenges faced in managerial accounting, particularly reflecting on the ethical standards set by the Institute of Management Accountants (IMA). The discussion includes a detailed overview of how these standards guide ethical decision-making and the importance of maintaining ethical integrity in the workplace. Furthermore, the paper hypothesizes potential outcomes if these standards are disregarded and suggests methods of internal controls to prevent unethical behavior, emphasizing the significance of organizational ethics for sustainable business practices.

To begin, selecting a specific managerial accounting position within a well-known corporation such as Apple Inc., the role of a Financial Controller is examined. The main duties of a Financial Controller include preparing financial reports, managing accounting records, ensuring compliance with financial regulations, and supporting strategic decision-making through financial analysis. This role is critical in maintaining the accuracy and integrity of financial data, which directly influences stakeholder trust and corporate reputation. A credible source by Smith (2020) highlights that financial controllers play a pivotal role in ensuring transparency and accountability within organizations.

One ethical issue that a Financial Controller at Apple might face pertains to revenue recognition. According to Johnson (2019), revenue recognition is a common area of ethical concern, especially when pressure exists to meet financial targets. A specific dilemma could involve the premature recognition of revenue to boost quarterly earnings, a practice that could mislead stakeholders and violate ethical standards. This issue exemplifies the classic conflict between achieving financial results and maintaining truthful reporting, which is crucial for long-term corporate integrity.

The IMA’s standards of ethical practice emphasize integrity, credibility, confidentiality, and competence. Their conflict resolution guide provides structured approaches to handle ethical dilemmas, promoting transparency and accountability. According to the IMA Statement of Ethical Professional Practice (IMA, 2021), members are expected to uphold honesty and avoid conflicts of interest, prioritizing organizational and stakeholder trust. When applying these standards to the ethical issue of premature revenue recognition, it becomes evident that transparency and honesty are paramount. The Controller should adhere strictly to Generally Accepted Accounting Principles (GAAP) and resist pressures to manipulate financial data.

In handling the ethical issue, I would advocate for open communication with management and the audit committee, emphasizing the importance of accurate reporting for stakeholder trust and regulatory compliance. If the organization ignores these ethical standards, the consequences could include legal penalties, damage to reputation, and loss of stakeholder confidence. Disregarding IMA standards can foster a culture of misconduct, further escalating unethical behaviors that undermine organizational sustainability.

Adhering to the IMA’s standards is vital as it ensures ethical consistency and safeguards company integrity. Implementing internal controls such as regular audits, segregation of duties, and whistleblower policies can serve as effective methods to prevent or uncover unethical practices. These controls act as deterrents by increasing the likelihood of detection and consequences for unethical behavior, fostering an ethical workplace culture.

References

• Johnson, R. (2019). Ethical issues in revenue recognition. Journal of Accounting Ethics, 33(2), 117-134.
• Smith, L. (2020). The role of financial controllers in corporate governance. Financial Management Review, 56(4), 45-58.
• Institute of Management Accountants (IMA). (2021). Statement of Ethical Professional Practice. IMA.
• Williams, E. (2018). Internal controls and ethical compliance in finance. Internal Audit Journal, 35(3), 22-29.
• Brown, T. (2017). Ethical leadership in corporate finance. Leadership and Ethics Journal, 12(1), 87-103.